Have you had enough of sacrificing other expenses each month for insurance? You are in the same boat as the majority of other drivers in Colorado.
Unfortunately, the vast majority of drivers kept buying from the same company for at least the last four years, and nearly the majority have never shopped around. Many consumers in Colorado could save an average of roughly 35% each year, but they don’t know the amount of savings they would get if they bought a different policy.
With so many online and local companies to choose from, it can be diffult for people to locate the most cost effective company.
It’s important to get comparison quotes before your policy renews since prices change regularly. Even if you think you had the best rates on Cadillac CTS-V insurance in Denver on your last policy there may be better deals available now. Forget anything you know (or think you know) about insurance because I’m going to let you in on the secrets to the fastest and easiest way to properly buy coverages while reducing your premium.
Finding the cheapest coverage in Denver is not that difficult as long as you know where to start. If you are already insured, you will surely be able to get lower rates using these tips. Nevertheless, Colorado drivers must comprehend how insurance companies calculate their prices because rates fluctuate considerably.
Denver Insurance Rates are Influenced by These Factors
Multiple criteria are used in the calculation when pricing auto insurance. Some are obvious such as your driving record, but other criteria are more transparent like your vehicle usage or your vehicle rating. The best way to find cheaper auto insurance is to take a look at some of the elements that play a part in calculating the rates you pay for auto insurance. When you understand what determines base rates, this empowers consumers to make smart changes that may result in lower auto insurance prices.
- Premiums drop with age – Teen drivers in Colorado are statistically shown to be inattentive and easily distracted when behind the wheel and because of this, their auto insurance rates are much higher. Adding a youthful driver to your auto insurance policy can increase premiums substantially. Older people tend to be more responsible, cause fewer claims and accidents, and are generally more financially stable.
- Don’t get traffic citations – Having a clean driving record has a huge affect on how much you pay. Drivers with clean records pay lower auto insurance prices than bad drivers. Even a single citation may increase your cost twenty percent or more. People who have multiple violations such as hit and run, DWI or reckless driving convictions are required to submit a SR-22 or proof of financial responsibility to the state department of motor vehicles in order to drive a vehicle legally.
- Gals tend to be lower risk – The statistics show that females tend to be a little less risky than males. However, don’t assume that females are better drivers. Women and men cause fender benders at about the same rate, but the men cause more damage and cost insurance companies more money. Men also get more serious tickets like reckless driving and DUI.
- Do you know you’re credit rating? – Having a bad credit rating factor in calculating your premium rate. People that have good credit tend to be less risk to insure than drivers with poor credit scores. Therefore, if your credit can use some improvement, you may save money insuring your Cadillac CTS-V if you clean up your credit.
- How much liability coverage do you need? – The liability section of your policy kicks in when you are responsible for physical damage or personal injury to other. It will provide you with a defense in court to defend your case. This coverage is relatively inexpensive compared to physical damage coverage, so do not skimp.
- You may save more by combining policies – Many auto insurance companies will give lower prices to policyholders who consolidate policies with them in the form of a multi-policy discount. The discount can add up to five, ten or even twenty percent. Even if you qualify for this discount already, it’s always a smart idea to get quotes from other companies to help guarantee you have the best rates. It’s possible to still save even more than the discount by insuring with multiple companies.
- Reduce prices by driving safer cars – Cars with high safety ratings tend to be cheaper to insure. Highly rated vehicles reduce the chance of injuries and lower injury rates means lower claim amounts and lower rates for you. If your Cadillac is rated at a minimum four stars on Safercar.gov or an “acceptable” rating on iihs.org you may be receiving a better rate.
- The more you drive the more you pay – The higher the miles on your Cadillac in a year’s time the more it will cost to insure it. A lot of companies calculate rates based upon how you use the vehicle. Vehicles left parked in the garage can be on a lower rate level than those used for commuting. Make sure your vehicle rating reflects the proper vehicle usage. Incorrect rating for your CTS-V may be costing you higher rates.
- Cadillac CTS-V insurance claim data – Auto insurance companies factor in historical loss data to help calculate a profitable premium rate. Vehicles that are shown to have increased claim numbers or amounts will cost more for specific coverages. The next table shows the insurance loss data for Cadillac CTS-V vehicles.
For each type of coverage, the claim amount for all vehicles combined as an average is equal to 100. Numbers under 100 mean the vehicle has better than average losses, while values that are 100 or greater point to more frequent losses or a tendency for claims to be larger.
Cadillac CTS-V Insurance Claim Statistics
Vehicle Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Cadillac CTS-V 2dr 174 74 135
Empty fields indicate not enough data collected
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
The best way we recommend to compare insurance rates in your area is to understand all the major auto insurance companies participate in a system to provide you with free rate quotes. All you need to do is provide a small amount of information such as the make and model of your vehicles, if the car is leased, whether the vehicles are used for commuting, and how old drivers are. Your details is instantly submitted to multiple different insurance companies and you will get price comparisons very quickly.
To get price quotes for your Cadillac CTS-V now, click here and find out if you can get cheaper insurance in Denver.
The providers in the list below have been selected to offer price comparisons in Colorado. If more than one company is shown, we suggest you get price quotes from several of them in order to get a fair rate comparison.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Get Your Own Custom Quote Go|
Data based on married male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Colorado minimum liability limits. Discounts applied include claim-free, multi-vehicle, safe-driver, multi-policy, and homeowner. Prices do not factor in specific zip code location which can affect auto insurance rates significantly.
An analysis of deductible level
The diagram below shows how choosing a deductible and can impact Cadillac CTS-V yearly insurance costs for different age categories. The premiums assume a married female driver, comp and collision included, and no discounts are factored in.
Cadillac CTS-V insurance costs by age and gender
The information below visualizes the comparison of Cadillac CTS-V insurance costs for male and female drivers. The price estimates are based on no claims or driving citations, full physical damage coverage, $250 deductibles, drivers are not married, and no additional discounts are factored in.
Save $462 a year! What?
Respected companies like Progressive, Allstate and GEICO regularly use ads on TV and radio. All the ads try to convey promises that drivers can save some big amount if you get a free Denver car insurance quote and switch your car insurance policy to them. That’s great but how can every company offer drivers better rates?
Insurance providers have strict underwriting profiles for the type of customer that will generate a profit. One example of a profitable risk profile could be over the age of 35, has never had a policy lapse, and the vehicle is rated for pleasure use. Any customer that fits those parameters receive the lowest rate quotes in Denver and most likely will save money with a new company.
Potential customers who fall short of those standards may receive a more expensive rate which translates to the customer buying from a different company. The trick companies use is to say “people who switch” not “all people who quote” save that much money. That is how companies can truthfully advertise the savings. Because each company has a different risk profile, it is so important to get Denver car insurance quotes as often as possible. You cannot predict which insurance companies will have the best prices at this point in time.
Auto insurance just makes sense
Despite the high insurance cost for a Cadillac CTS-V in Denver, buying auto insurance may be required for several reasons.
- The majority of states have minimum mandated liability insurance limits which means you are required to buy a specific minimum amount of liability protection in order to get the vehicle licensed. In Colorado these limits are 25/50/15 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $15,000 of property damage coverage.
- If you have a lien on your Cadillac CTS-V, most lenders will force you to have comprehensive coverage to guarantee payment of the loan. If you default on your policy, the bank or lender will purchase a policy for your Cadillac at a significantly higher premium and require you to fork over a much higher amount than you were paying before.
- Auto insurance preserves both your assets and your car. It also can pay for medical bills for you, any passengers, and anyone injured in an accident. Liability coverage, the one required by state law, will also pay to defend you if you are named as a defendant in an auto accident. If your Cadillac gets damaged, comprehensive and collision coverage will pay all costs to repair after the deductible has been paid.
The benefits of insuring your CTS-V are definitely more than the cost, particularly if you ever have a claim. On average, a vehicle owner in Denver is currently overpaying as much as $850 per year so shop around at every policy renewal to ensure rates are competitive.
Get discounts on Denver car insurance
Companies don’t list all their discounts very well, so below is a list a few of the more well known and also the lesser-known credits available to bring down your rates.
- Data Collection Discounts – Policyholders that allow data collection to study vehicle usage by using a telematics device in their vehicle like Drivewise from Allstate or In-Drive from State Farm may get a rate reduction if they show good driving skills.
- Student Discounts – Performing well in school could provide a savings of up to 20% or more. This discount can apply up until you turn 25.
- Federal Government Employee – Having worked for a branch of the government could provide a small rate reduction but check with your company.
- Defensive Driving Course – Successfully completing a course in driver safety may get you a small discount and easily pay for the cost of the class.
- Payment Discounts – If you can afford to pay the entire bill rather than paying in monthly installments you can avoid the installment charge.
A little note about advertised discounts, most of the big mark downs will not be given to your bottom line cost. Most only cut the cost of specific coverages such as collision or personal injury protection. Just because it seems like you could get a free car insurance policy, it doesn’t quite work that way.
A partial list of companies who may offer most of these discounts possibly include:
If you are trying to find low cost Denver car insurance quotes, ask all companies you are considering to give you their best rates. Some of the discounts discussed earlier might not be offered in your area. If you would like to view insurers that offer multiple discounts in Denver, click here to view.
Can’t I compare rate quotes from local Denver insurance agencies?
Some consumers prefer to get professional advice from a licensed agent and there is nothing wrong with that. The biggest benefit of price shopping on the web is that you can find cheap rate quotes and still buy from a local agent.
Upon completion of this simple form, the quote information is emailed to insurance agents in Denver who will give you bids for your coverage. You don’t have to drive around since rate quotes are delivered directly to your email. You can find better rates and work with a local agent. If you want to get a rate quote from a specific insurance company, just search and find their rate quote page to submit a rate quote request.
Finding the right insurer shouldn’t rely on just the premium amount. Some important questions to ask are:
- What kind of financial rating does the company have?
- Do they reduce claim amounts on high mileage vehicles?
- If your car is in the repair shop, do you have coverage for a rental car?
- How would your car be valued if totalled?
- Does the agency provide any after hours assistance?
Exclusive agents vs. Independent agents
If you’re trying to find a reputable agency, there are two types of agencies and how they are slightly different. Agencies in Denver can be categorized as either independent or exclusive.
Exclusive Insurance Agents
Exclusive agents can usually just insure with one company such as AAA, Allstate, State Farm, or Farmers Insurance. They generally cannot compare rates from other companies so they have to upsell other benefits. They are well trained on what they offer which helps overcome the inability to quote other rates.
Listed below are exclusive agencies in Denver that are able to give price quote information.
Independent Agents (or Brokers)
Agents of this type often have affiliation with several companies and that allows them to write policies through many companies and find the cheapest rate. If they quote lower rates, they simply switch companies in-house and you don’t have to find a new agent.
When comparing insurance prices, you need to compare prices from a couple of independent agencies to get the most accurate price comparison.
The following is a short list of independent insurance agencies in Denver willing to provide price quotes.
Once you have received positive responses to any questions you may have in addition to an acceptable price estimate, you have narrowed it down to an auto insurance agent that is professional and can properly service your insurance policy.
The best insurance company isn’t always the cheapest
Throughout this article, we presented many ways to compare Cadillac CTS-V insurance auto insurance rates in Denver. The key concept to understand is the more companies you get premium rates for, the higher the chance of saving money. You may even be surprised to find that the lowest auto insurance rates are with a smaller regional carrier. They can often insure niche markets at a lower cost than the large multi-state companies such as Allstate, GEICO and Progressive.
There are still a few companies who may not have online rate quotes and usually these small, regional companies provide coverage only through independent agents. Discount Cadillac CTS-V insurance can be purchased both online and with local Denver insurance agents, and you should compare price quotes from both to get a complete price analysis.
Much more information about car insurance in Colorado can be read at the links below
- What is Full Coverage? (Allstate)
- Who Has the Cheapest Car Insurance Quotes for Real Estate Agents in Denver? (FAQ)
- Who Has Affordable Auto Insurance Rates for First-time Drivers in Denver? (FAQ)
- Frontal Crash Tests (iihs.org)
- Avoiding Deer Collisions (Insurance Information Institute)
- Five Mistakes to Avoid (Insurance Information Institute)
- Side airbags reduce rollover fatalities (Insurance Institute for Highway Safety)